UPDATE: Citigroup Raises Target on BlackRock to $197

Citigroup reiterates its Neutral rating on BlackRock BLK and raies its price target $4 to $197, reflecting moderately higher EPS estimates for 2012-2014. Citigroup says, "On the one hand, we raised our G&A forecast to reflect new global branding campaign (resulting in lower ST margins), tweaked lower our fee realization rates in equities following enhanced disclosure around average 4Q AUM and edged up our share count. However, we sharply raised NAV impact from strong markets in 2012 + moderately higher 2H12-14 performance fees as strong markets likely boost absolute returns back toward/beyond high water marks, more than offsetting the adverse changes." BLK closed at $198.50 a share on Thursday.